Investor Presentation July 2016 TSX: SBR - PDF document

TSX: SBR Investor Presentation July 2016 TSX: SBR www.silverbearresources.com

Silver Bear Resources Building Momentum Mangazeisky High Grade Silver Project  NI 43-101 MRE updates at Vertikalny (Feb 2015), Nizhny Endybal and Mangazeisky N & S (Jul 2015 & Apr 2016, June 9, 2016): o Proven & Probable – 801 Kt @ 772 g/t Ag (19.9 Moz Ag) o Indicated – 1.1 Mt @ 831 g/t Ag (29.5 Moz Ag); plus o Inferred –1.9 Mt @ 466 g/t Ag (27.8 Moz Ag)  NI 430-101 Feasibility Study June 2016; project economics, CAPEX US$48.6 M; IRR (pre-tax) 43.6%; NPV (pre-tax, 5% discount) US$79.7M  20 year Mining Licence granted in August 2013  Large scale – excellent geological support for resource expansion along the 35 km mineralised structural corridor Accelerated Construction  2015 Achievements: Infrastructure and construction work completed; key long-lead items ball mill, regrind mill and electrowinning processing equipment ordered for delivery via 2015/16 winter road resupply underway  March 2016, closed US$20 M bridge financing; April 2016 entered into non-binding term sheet for US$48.5 M secured loan facility  2016 Achievements: Construction begins; contracts agreed for civil and steel work construction and CAT Finance for main power generating station and mining equipment; Company on-track for commissioning in late 2016 2 www.silverbearresources.com TSX: SBR

Mangazeisky Silver Project Advancing Towards Production Silver Commissioning Late 2016  Most heavy machinery and equipment on site; additional summer 2016 supply underway  Blasting permit granted; first open-pit blast May 2016  Construction well underway; processing plant, crusher, accommodation camp, fuel storage etc.  Process for permanent operation staff recruitment commenced Project Expansion Potential  Targeting mineral resource update at Vertikalny deposit Q3 2016  2016 Drilling program targeting satellite deposits Mangazeisky North and Sterzhnevoy 3 www.silverbearresources.com TSX: SBR

Strong Management Team & Board Extensive Russian, Finance & Mine Development Experience Strong Management & Board Project & Technical Advisory Team Graham Hill, President & CEO; Mining Executive Tetra Tech (UK); Lead Engineer & Advisor NI 43-101 with over 25 years experience building & operating mines in Feasibility Study Central Asia and Africa SRK Consulting (UK); Mine and Tailing Management Derk Hartman, CFO; Mining Executive with e xtensive Planning experience in International natural resource Investment ERM (UK); Environmental Engineers, responsible for ESIA Banking Study Yuri Petrov, General Director ZAO Prognoz; EMC Mining LLC (Russia); Russian feasibility study; Foreign Affairs Deputy Minister, Former representative of process flow sheet and metallurgical studies – key to Russian the Sakha Republic in Alaska Permitting process Chris Westdal, Chairman – Former Ambassador to Russia Strong Support & Commitment from Robin Birchall – Mining Executive Major Shareholders Trevor Eyton – Chairman of Ivernia Inc. Inflection Management Corp (25.6%); Russian Boris Granovsky – Managing Partner Aterra privately-held Mining Investment Management Firm Dominic Gualtieri – Resource & Mine Finance Aterra Investments Limited (25.2%); Russian Mining Investment Management Firm Alexey Sotskov – Director Inflection Management 4 www.silverbearresources.com TSX: SBR

SBR Appendix A – Corporate Capital Structure (June 2016) Shareholder Base Market Summary Management/Directors Shares Outstanding / Capitalization 1.5% Shares Issued / Outstanding: 161,327,017 Options (avg. strike C$0.37) 7,925,000 Warrants (avg. Strike C$0.26) 0 Free Float Inflection 1 31.8% 25.5% Fully Diluted 169,252,017 Market Capitalization (as of June 30, 2016) C$43 M Cash Position (as at March 31, 2016) US$19.3 M 1 Aterra Capital 2 Institutions 25.1% 1. March 30, 2016 – announce the close of US$20 M bridge financing with 15.9% major shareholders Dec 31, 2015 – Total outstanding Notes of US$23.1M  Inflection Notes 1. Inflection: beneficially owned by Sergey  Non-Convertible US$3.5M / 15% p.a. / 31 Mar 2016 Kolesnikov holds 41,176,471 SBR common  Non-Convertible C$3.3M / 15% p.a. / 31 Dec 2016 shares;  Convertible C$12.3M / 15% p.a. / 31 Dec 2016 2. Aterra: beneficially owned by Alexey Mordashov  Total Inflection outstanding = US$15.3M (incl. US$6M holds 40,468,579 SBR common shares Non-Convertible)  Aterra Notes  Non-Convertible US$3.5M / 15% p.a. / 31 Mar 2016  Convertible C$5.6M / 15% p.a. / 31 Dec 2016  Total Aterra outstanding = US$7.7M (incl. US$3.5M Non-Convertible) 5 www.silverbearresources.com TSX: SBR

Mangazeisky Silver Project 2016 Project Timeline Q1 Q2 Q3 Q4 Q1 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan OVOS PROEKT & Working Documentation Permits & Licences (cyanide, explosives, mining) Mine Planning Mining Pre-production Mining Pre-production Process Plant Construction Apr 29 th – Mill Foundations Complete May 27 th – Process Building Steel Infrastructure May 20 th – Power Plant Phase I Complete Logistics Winter 2016 Logistics Summer 2016 Logistics Winter 2016-17 Operational Readiness (hiring & training) Water Supply Drilling Contractor Mobilization Tailings Construction Commissioning (hot & cold commissioning) Start Full Production Q1 2017 6 www.silverbearresources.com TSX: SBR

Mangazeisky Silver Project 2016 Mineral Resource Highlights 2016 / 2015 MREs – Continue to Delineate High-grade Silver Deposits Feb 2015 – Vertikalny Updated mineral resource estimate (“ MRE ”); Jun 2015 – Nizhny Endybal Re-stated and Mangazeisky North & South new Maiden resource; Apr 2016 – Mangazeisky North MRE update Indicated Resource Inferred Resource Proven & Probable Resource Resource Contained Contained Contained Tonnes Grade Ag Tonnes Grade Ag Tonnes Grade Ag Zone Cut-off Metal Ag Metal Ag Metal Ag (Kt) (g/t) (Kt) (g/t) (Kt) (g/t) Grade (g/t) (Koz) (Koz) (Koz) Vertikalny 335 800 909 23,400 680 616 13,400 801 772 19,886 Central 1 Vertikalny NW 1 335 - - - 310 458 4,600 - - - Nizhny Endybal 2 150 - - - 710 316 7,200 - - - Mangazeisky 150 304 626 6,100 98 671 2,100 - - - North 2 Mangazeisky 150 - - - 60 246 500 - - - South 2 Total 1,104 831 29,500 1,858 466 27,800 801 772 19,886 Note – NI 43-101 mineral resources prepared by Tetra Tech; 1 Updated February 10, 2015 (see press release Feb 26, 2015 for full QP information); cut-off grade 335 g/t Ag, US$17/oz Ag; 2 Restated & Updated resource Dated June 3 2015 and March 31, 2016 (see press release July 6, 2015 and April 13, 2016 for Full QP information); cut-off grade 150 g/t Ag, US$17/oz Ag; NI 43-101 Reserve (see press release June 9, 2016 for full QP information) statement as of Sept 30, 2015. Note – The Indicated Mineral Resource at Vertikalny Central are inclusive of the stated Mineral Reserves. Mineral Resources that are not Mineral Reserves do not demonstrate economic viability. Mangazeisky North and Nizhny Endybal deposits have the potential to expand mining to multi-pit single plant mine operation www.silverbearresources.com TSX: SBR 7

SBR Mangazeisky Silver Project 2016 Feasibility Study Highlights “The Study confirms that the exploitation of the Vertikalny Central deposit at our Mangazeisky silver project remains very robust even under the current silver price and economic conditions, which validate our objective of fast-tracking the development process, and increase our confidence in assertively moving forward with the first phase of mining. I firmly believe that our team has designed a mine plan that optimises profitability and that the processing technology will maximise recovery and minimize technical risks at the lowest cost.” Graham Hill, President and CEO Tonnes per annum 110,000 tpa Silver Production (LOM) 16.8 M ounces Ag One of the lowest capital cost silver project in the industry CAPEX US$48.6 M Cash Costs US$7.97/ oz Ag (excludes by ‐ product credits) One of the highest grade Reserve Vertikalny Central 801 Kt at 722 g/t Ag total silver projects in the industry 19.9 M ounces Ag IRR (pre ‐ tax ) / IRR (post ‐ tax) 43.6% / 40.2% Excellent Rate of Return NPV (5%) pre ‐ tax/NPV (post ‐ tax) US$79.7/ US$70.7 Payback (pre ‐ tax)/(post ‐ tax) 2.1 years /2.2 years Note: • Assumptions include a variable silver price of US$16.00/oz, US$17.25/oz, and US$18.00/oz during the first year of production, second year of production, and the remaining project life, respectively, with a life of mine (“LOM”) weighted average silver price of US$17.74/oz; exchange rate applied is RUB66.00/USD. • Reserve is proven and probable and The Indicated Mineral Resource at Vertikalny Central are inclusive of the stated Mineral Reserves. • For full details, refer to press release June 9, 2016, a technical report will be filed within 45 days of this release. 8 www.silverbearresources.com TSX: SBR